The National Digital Asset Exchange (NDAX) is a Canadian cryptocurrency exchange that has gained significant traction since its inception in 2018. Catering specifically to Canadian users, NDAX offers a range of features designed to make cryptocurrency trading accessible, secure, and efficient. In this review, we’ll explore the platform’s features, usability, fees, and more to provide an overview of what NDAX has to offer.
Overview
NDAX is headquartered in Calgary, Alberta, and operates under the regulatory oversight of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The exchange is designed to be user-friendly for both beginners and experienced traders, offering a wide range of cryptocurrencies, competitive fees, and robust security measures.
Also Read: Best Crypto Exchanges in Canada: Top 5 Picks for 2024
Supported Cryptocurrencies
One of the standout features of NDAX is its wide selection of supported cryptocurrencies. As of 2024, NDAX supports over 30 different cryptocurrencies, including popular options like:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- Cardano (ADA)
- Polkadot (DOT)
- Chainlink (LINK)
- Uniswap (UNI)
This diverse selection makes NDAX a suitable platform for those looking to trade both mainstream and emerging cryptocurrencies.
User Interface and Experience
NDAX’s platform is designed with simplicity in mind, making it accessible to both new and seasoned traders. The user interface is clean, intuitive, and easy to navigate. Key features include:
- Dashboard: The NDAX dashboard provides a quick overview of your portfolio, including your total balance, recent trades, and market trends.
- Trading View: The trading interface offers advanced charting tools powered by TradingView, allowing users to analyze market trends and make informed decisions.
- Order Types: NDAX supports various order types, including market orders, limit orders, and stop-limit orders, providing flexibility for different trading strategies.
Security Features
Security is a top priority for NDAX, and the platform employs several measures to protect users’ funds and personal information:
- Cold Storage: NDAX stores the majority of its users’ assets in offline cold storage, minimizing the risk of hacks.
- Two-Factor Authentication (2FA): Users are encouraged to enable 2FA for an additional layer of security when logging in or performing transactions.
- Compliance and Regulation: NDAX operates under Canadian regulatory standards and complies with anti-money laundering (AML) and know-your-customer (KYC) regulations.
- Insurance: NDAX offers insurance coverage for digital assets held in their custody, providing peace of mind to users in the event of a security breach.
Fees and Pricing
NDAX offers a transparent fee structure that is competitive within the Canadian market. The platform charges a flat 0.2% fee on all trades, which is relatively low compared to other exchanges. Additional fees include:
- Deposit Fees: NDAX offers free deposits for Canadian dollars via Interac e-Transfer, wire transfer, and bank drafts. Cryptocurrency deposits are also free.
- Withdrawal Fees: Withdrawals in Canadian dollars are subject to a $1.5 fee for Interac e-transfer and $4.99 for wire transfer. Cryptocurrency withdrawal fees vary depending on the asset but are generally competitive with industry standards.
Staking
NDAX lets you to earn passive income by staking popular proof of stake cryptocurrencies like Polkadot, Cosmos, Ethereum, Solana and few others. The staking reward is different for each of these coins and you can earn upto 13% APY with Cosmos and 12% with Polkadot.
NDAX Advanced Trading Features
For more experienced traders, NDAX offers several advanced features:
- OTC Desk: NDAX provides an Over-The-Counter (OTC) trading desk for large-volume trades, offering personalized service and competitive pricing.
- API Access: NDAX offers API access for developers and algorithmic traders who wish to integrate trading bots or external software with the NDAX platform.
- Staking: NDAX supports staking for certain cryptocurrencies, allowing users to earn rewards by holding their assets on the platform.
- Auto Invest: NDAX can schedule your crypto investments so that you can benefit from Dollar-Cost Averaging (DCA)
Customer Support
NDAX is known for its responsive and helpful customer support. The platform offers multiple channels for assistance:
- Live Chat: Available directly on the NDAX website for real-time support.
- Email Support: Users can reach out via email for more detailed inquiries.
- Help Center: NDAX’s help center provides a comprehensive library of articles and guides covering various topics, from account setup to advanced trading strategies.
Mobile App
NDAX offers a mobile app for both iOS and Android devices, ensuring users can trade on the go. The app mirrors the functionality of the desktop platform, allowing users to manage their portfolios, execute trades, and monitor market trends from their mobile devices.
Pros and Cons of NDAX
Pros:
- Regulated and compliant with Canadian laws
- Wide selection of cryptocurrencies
- Low and transparent fee structure
- Strong security features, including cold storage and insurance
- User-friendly interface with advanced trading tools
- Excellent customer support
Cons:
- Limited to Canadian residents
- Withdrawal fees for Canadian dollar withdrawals
- No support for fiat currencies other than CAD
Conclusion
NDAX stands out as a reliable and user-friendly cryptocurrency exchange tailored for Canadian users. With its robust security measures, competitive fees, and a wide range of supported cryptocurrencies, NDAX is a solid choice for both novice and experienced traders.
